A draft around permitting crypto trading activities to non-banking members has been revealed by Tel Aviv Stock Exchange (TASE) for public comments, as stated by Cointelegraph.
According to Cointelegraph, the proposed document will allow customers to deposit fiat money needed for digital asset-based investments. It is believed that non-banking members will fulfil licence authorisation duty for crypto trading and custodial services upon proposal’s approval. The step will also allow clients to withdraw funds generating from crypto sales, to reduce risks and increase consumer protection.
On the basis of information by Cointelegraph, upon submission of comments, the proposal will be subjected to confirmation by TASE Board of Directors. However, uncertainty remains around the future prospects of TASE and its crypto ambitions.
Moreover, Cointelegraph noted that in January, 2023, Israeli Securities Authority (ISA) suggested a framework around digital asset-oriented regulations. TASE emphasised on the importance of current regulatory approach in Israel, which is to “impose regulation on financial activities or services in digital assets similarly to that currently applied to non-digital assets.”
“TASE believes that the alignment of local regulation with international regulation will attract more foreign investments and foreign investors into the Israeli market,” TASE concluded.
(With insights from Cointelegraph)